Question

M/PF Research, Inc. lists the average monthly apartment rent in some of the most expensive apartment rental locations in the United States. According to their report, the average cost of renting an apartment in Minneapolis is $951. Suppose that the standard deviation of the cost of renting an apartment in Minneapolis is $96 and that apartment rents in Minneapolis are normally distributed. If a Minneapolis apartment is randomly selected, what is the probability that the price is: (Round the values of z to 2 decimal places. Round answers to 4 decimal places.) (a) $1,000 or moreb0 between 900 and $1,110? c) Between $830 and $930? Entry field with incorrect answer (d) Less than $730?

Answer 1

Answer a) 0.3050

Answer b) 0.6534

P (-0.53<Z<1.66) = P(Z < 1.66) - P(Z<-0.53) = 0.9515 - 0.2981 (Use the standard normal table)

P (-0.53<Z<1.66) = 0.6534

Answer c) 0.3091

P (-1.26<Z<-0.22) = P(Z<-0.22) - P(Z<-1.26) = 0.4129 - 0.1038 (Use the standard normal table)

P (-1.26<Z<-0.22) = 0.3091

Answer d) 0.0107